Timing Your Tax Planning Conversations

Welcome to a crucial episode of Build a Better Agency! This week, host Drew McLellan is joined once again by Craig Cody, a seasoned CPA and tax advisor renowned for his expertise in agency financial management. Drew and Craig jump straight into a timely and essential topic for every agency owner—the recent changes to 401k regulations that could have significant implications for your agency's compliance, retirement planning, and year-end financial strategy.

Craig breaks down the new federal requirements affecting catch-up contributions to 401ks for anyone earning over $145,000, making the conversation immediately relevant for agency leaders and employees in higher income brackets. Together, Drew and Craig outline the steps agencies must take before the end of 2025 to avoid unpleasant surprises and penalties in 2026, including the need to ensure Roth provisions are set up within existing 401k plans and the importance of proactive compliance with auto-enrollment rules. The pair go beyond the headline changes, discussing how these adjustments affect not just owners, but also employees, and the risks agencies run if these details get overlooked.

Listeners will also learn about valuable tax credits available for agencies that recently launched a 401k plan, as well as common tax strategies and deductions that many agency owners miss. Craig shares advice on how to make the most of tax planning meetings, the importance of documenting deductions, and how shifting from a simple IRA to a 401k can yield significant financial and retirement benefits for both owners and staff.

Don't let year-end compliance slip through the cracks—this episode is packed with actionable insights you need to update your retirement plans, review your tax strategies, and make informed decisions before another fiscal year closes. If you want to keep more of the money you make, provide competitive benefits, and avoid costly mistakes, you won't want to miss Craig's expert guidance. Tune in now and start building a better, more financially resilient agency.

A big thank you to our podcast's presenting sponsor, White Label IQ. They're an amazing resource for agencies who want to outsource their design, dev, or PPC work at wholesale prices. Check out their special offer (10 free hours!) for podcast listeners here.

What You Will Learn in This Episode:

• • Critical 401k regulation changes agency owners must address
  • How new Roth contribution requirements affect high-earning employees
  • Strategies to ensure compliance and avoid costly IRS penalties
  • Why proactive communication with your 401k administrator is essential
  • Opportunities for new tax credits with recently established retirement plans
  • The urgency of year-end planning and regular discussions with your tax advisor
  • Maximizing tax-saving strategies for agency owners and their families